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Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s segment disclosures present the measure used by the chief operating decision maker (“CODM”) for purposes of assessing each segment’s performance. The Company’s CODM is a group comprised of its Chief Executive Officer, Chief Financial Officer, Chief Administrative Officer, and Chief Investment Officer, who use net operating income (“NOI”) to assess the performance of the business for the Company’s reportable operating segments. NOI represents total property revenues less direct property operating expenses.

The CODM evaluates the Company’s operating performance geographically. The Company defines its reportable operating segments as the three geographical regions in which its communities are located: Southern California, Northern California and Seattle Metro.

Excluded from segment revenues and NOI are management and other fees from affiliates and interest and other income. Other real estate assets revenues, property operating expenses, including real estate taxes, and NOI included in the following schedule consist of revenues generated from retail space, commercial properties, held for sale properties, disposition properties and straight-line adjustments for concessions. Executive management does not evaluate such operating performance geographically. Other non-segment assets include items such as real estate under development, co-investments, real estate held for sale, cash and cash equivalents, marketable securities, notes and other receivables, and prepaid expenses and other assets.
The revenues and NOI for each of the reportable operating segments are summarized as follows for the three months ended March 31, 2026 and 2025 ($ in thousands):
 Three Months Ended March 31,
 20262025
Rental and
other property
revenue
Property
operating
expenses,
including
real estate taxes		Net operating
income
Rental and
other property
revenue
Property
operating
expenses,
including
real estate taxes		Net operating
income
Southern California$195,305 $57,622 $137,683 $188,622 $54,630 $133,992 
Northern California201,618 60,347 141,271 180,916 56,146 124,770 
Seattle Metro79,021 23,080 55,941 77,214 23,902 53,312 
Other real estate assets6,499 207 6,292 15,337 3,943 11,394 
Total$482,443 $141,256 $341,187 $462,089 $138,621 $323,468 
Total net operating income341,187 323,468 
Management and other fees from affiliates2,313 2,494 
Corporate-level property management expenses(13,398)(12,332)
Depreciation and amortization(154,895)(151,287)
General and administrative(20,014)(16,292)
Gain on sale of real estate and land— 111,030 
Interest expense(65,564)(62,732)
Total return swap income1,542 1,200 
Interest and other income1,036 4,289 
Equity income from co-investments23,615 13,209 
Tax (expense) benefit on unconsolidated technology co-investments(3,614)163 
Loss on early retirement of debt— (762)
Gain on remeasurement of co-investment— 330 
Net income$112,208 $212,778 
Total assets for each of the reportable operating segments are summarized as follows as of March 31, 2026 and December 31, 2025 ($ in thousands):
 March 31, 2026December 31, 2025
Assets:
Southern California$4,146,139 $4,194,554 
Northern California6,081,653 6,136,977 
Seattle Metro1,397,771 1,412,405 
Other real estate assets (1)
174,738 160,646 
Net reportable operating segments - real estate assets11,800,301 11,904,582 
Real estate under development159,515 157,122 
Co-investments649,313 630,550 
Cash and cash equivalents, including restricted cash47,410 85,586 
Marketable securities96,521 98,070 
Notes and other receivables201,982 141,591 
Operating lease right-of-use assets49,957 50,833 
Prepaid expenses and other assets90,488 90,675 
Total assets$13,095,487 $13,159,009 

(1)Includes retail space, commercial properties, held for sale properties and disposition properties.